FITUG e.V. Förderverein Informationstechnik und Gesellschaft

Re: KYC: new FinCEN rule on information sharing

------- Forwarded message follows ------- To: "R. A. Hettinga" <rah@shipwright.com> Copies to: Digital Bearer Settlement List <dbs@philodox.com>, dcsb@ai.mit.edu, cryptography@wasabisystems.com Subject: Re: KYC: new FinCEN rule on information sharing Date sent: Thu, 28 Feb 2002 22:59:13 -0500 From: Dan Geer <geer@world.std.com>

>   http://www.treas.gov/fincen/po1044.htm

For what it is worth, the apparent consensus view amongst U.S. financial institutions is that if "T+1" clearence and "straight through processing" (STP) are to become operational realities, then authentication and authorization credentials must be ones that cross corporate boundaries. In other words, the know your customer (KYC) regime will include federated electronic identity management at the personal level. The Bank for International Settlements (BIS) has already weighed in on the concept of extending KYC from money-laundering protection alone to a broader and more critical role in general banking industry risk management. See, for an example,

http://www.bis.org/publ/bcbs85.htm#pgtop = summary

http://www.bis.org/publ/bcbs85.pdf = full publication

--dan

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